Title

Proposition Summary

PROPERTY TAX POSTPONEMENT. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Authorizes Legislature to provide for manner in which persons of low or moderate income, age 62 or older, may postpone ad valorem property taxes on principal place of residence. Requires Legislature to provide for subventions to cities, counties and districts for revenue lost by postponement of taxes. Provides for reimbursement to state for such subventions, including interest and state costs out of postponed taxes when paid. Financial impact: No direct fiscal effect--depends upon the adoption of implementing legislation. However, if implemented, the state would be required to reimburse local governments for the revenue losses from the postponement, and the state in turn would be reimbursed for its costs when the postponed taxes are repaid.